Commerce Bank Acquires 1,859 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Commerce Bank boosted its stake in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 8.2% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 24,506 shares of the software maker’s stock after purchasing an additional 1,859 shares during the period. Commerce Bank’s holdings in Cadence Design Systems were worth $6,642,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. MWA Asset Management boosted its holdings in Cadence Design Systems by 1.2% in the third quarter. MWA Asset Management now owns 4,409 shares of the software maker’s stock valued at $1,195,000 after acquiring an additional 54 shares during the last quarter. Segall Bryant & Hamill LLC lifted its position in shares of Cadence Design Systems by 106.0% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 95,014 shares of the software maker’s stock worth $25,752,000 after purchasing an additional 48,886 shares during the period. Premier Fund Managers Ltd increased its position in shares of Cadence Design Systems by 39.8% during the third quarter. Premier Fund Managers Ltd now owns 31,356 shares of the software maker’s stock worth $8,595,000 after buying an additional 8,929 shares during the period. PNC Financial Services Group Inc. increased its position in shares of Cadence Design Systems by 2.8% during the third quarter. PNC Financial Services Group Inc. now owns 310,296 shares of the software maker’s stock worth $84,100,000 after buying an additional 8,580 shares during the period. Finally, B. Metzler seel. Sohn & Co. Holding AG acquired a new position in Cadence Design Systems in the third quarter valued at $7,405,000. 84.85% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $283.66, for a total value of $425,490.00. Following the sale, the director now owns 42,051 shares of the company’s stock, valued at approximately $11,928,186.66. The trade was a 3.44 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO John M. Wall sold 10,000 shares of the stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $265.91, for a total value of $2,659,100.00. Following the transaction, the chief financial officer now directly owns 38,654 shares of the company’s stock, valued at approximately $10,278,485.14. This trade represents a 20.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 15,634 shares of company stock worth $4,217,635. 1.99% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CDNS. Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a report on Tuesday, October 29th. Piper Sandler raised Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target on the stock in a research note on Tuesday, August 6th. Mizuho assumed coverage on shares of Cadence Design Systems in a research note on Tuesday, October 22nd. They issued an “outperform” rating and a $325.00 price objective for the company. Loop Capital initiated coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They set a “buy” rating and a $360.00 target price on the stock. Finally, Berenberg Bank began coverage on shares of Cadence Design Systems in a research note on Tuesday, October 15th. They issued a “buy” rating and a $320.00 price target for the company. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, Cadence Design Systems has a consensus rating of “Moderate Buy” and a consensus price target of $326.00.

Cadence Design Systems Trading Up 0.8 %

Shares of Cadence Design Systems stock opened at $306.39 on Friday. The company has a market capitalization of $84.03 billion, a P/E ratio of 80.42, a price-to-earnings-growth ratio of 4.07 and a beta of 1.02. The stock has a fifty day simple moving average of $277.72 and a 200 day simple moving average of $283.44. Cadence Design Systems, Inc. has a 12-month low of $241.29 and a 12-month high of $328.99. The company has a current ratio of 2.45, a quick ratio of 2.27 and a debt-to-equity ratio of 0.54.

Cadence Design Systems (NASDAQ:CDNS) last announced its earnings results on Monday, October 28th. The software maker reported $1.64 EPS for the quarter, beating the consensus estimate of $1.44 by $0.20. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the prior year, the company posted $1.01 earnings per share. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. On average, sell-side analysts anticipate that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current fiscal year.

Cadence Design Systems Company Profile

Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.